比特幣 ETF 重塑投資格局，挑戰 MicroStrategy、Grayscale

比特幣交易所交易基金 (ETF) 的推出擾亂了比特幣投資的傳統格局，為 MicroStrategy 和 Grayscale Bitcoin Trust (GBTC) 等現有企業帶來了挑戰。 ETF 為投資者提供了一種便捷且受監管的途徑來獲得比特幣，從而引發了投資者偏好的轉變。儘管 MicroStrategy 和 GBTC 繼續在競爭格局中佔據一席之地，但隨著 ETF 因費用降低、流動性增強和對比特幣的直接投資而受到關注，它們獨特的價值主張面臨著審查。

Reshaping the Bitcoin Investment Landscape: How Bitcoin ETFs Challenge Incumbent Proxies MicroStrategy and Grayscale

重塑比特幣投資格局：比特幣 ETF 如何挑戰現有代理商 MicroStrategy 和 Grayscale

The emergence of Bitcoin exchange-traded funds (ETFs) has sent shockwaves through the cryptocurrency investment landscape, revolutionizing the way investors gain exposure to the digital asset. For years, traditional proxies like MicroStrategy and the Grayscale Bitcoin Trust (GBTC) dominated the scene, but their influence is dwindling as investors flock towards the convenience and regulatory assurance of ETFs.

比特幣交易所交易基金（ETF）的出現為加密貨幣投資領域帶來了衝擊，徹底改變了投資者投資數位資產的方式。多年來，MicroStrategy 和灰階比特幣信託 (GBTC) 等傳統代理商在市場上佔據主導地位，但隨著投資者紛紛轉向 ETF 的便利性和監管保證，它們的影響力正在減弱。

MicroStrategy vs. Bitcoin ETFs: A Battle of Convenience and Leverage

MicroStrategy 與比特幣 ETF：便利性與槓桿之戰

MicroStrategy, the business intelligence giant, made headlines when it embraced Bitcoin as a corporate investment strategy, amassing a massive reserve of over $14 billion. While this move initially boosted MicroStrategy's stock price, the arrival of Bitcoin ETFs has introduced a more direct and enticing investment avenue for Bitcoin enthusiasts.

商業智慧巨頭 MicroStrategy 將比特幣作為企業投資策略，累積了超過 140 億美元的巨額儲備，從而成為頭條新聞。雖然此舉最初提振了 MicroStrategy 的股價，但比特幣 ETF 的到來為比特幣愛好者帶來了更直接、更有吸引力的投資途徑。

Bill Miller IV, CEO of Miller Value Partners, believes MicroStrategy still offers advantages over Bitcoin ETFs, citing its liquidity, lack of management fees, and unique position as the world's largest Bitcoin holder. However, he acknowledges that MicroStrategy's stock price may deviate from Bitcoin's due to its software business, potentially creating opportunities for savvy investors.

Miller Value Partners 執行長 Bill Miller IV 認為 MicroStrategy 仍比比特幣 ETF 更具優勢，理由是其流動性、無需管理費以及作為全球最大比特幣持有者的獨特地位。不過，他承認，由於其軟體業務，MicroStrategy 的股價可能會偏離比特幣，這可能為精明的投資者創造機會。

Grayscale's Transformation and Competitive Edge

灰階的轉型與競爭優勢

Grayscale Bitcoin Trust, a long-standing player in the Bitcoin investment market, operated similarly to an ETF but faced challenges with premium and discount trading. Recognizing the competitive pressures from ETFs, Grayscale converted GBTC into a true Bitcoin ETF, but it has still experienced outflows due to its higher fees.

灰階比特幣信託基金是比特幣投資市場的長期參與者，其運作方式與 ETF 類似，但面臨溢價和折價交易的挑戰。認識到來自 ETF 的競爭壓力，灰階將 GBTC 轉換為真正的比特幣 ETF，但由於費用較高，仍然出現資金流出。

To maintain its relevance, Grayscale plans to launch a "mini" version of its Bitcoin ETF with significantly lower fees, allowing existing GBTC holders to benefit from reduced expenses while maintaining their Bitcoin exposure. This move aims to retain its customer base and cater to more cost-sensitive investors.

為了保持其相關性，灰階計畫推出「迷你」版本的比特幣 ETF，費用顯著降低，使現有 GBTC 持有者能夠從減少的費用中受益，同時保持其比特幣敞口。此舉旨在保留其客戶群並迎合對成本更敏感的投資者。

Weighing the Pros and Cons: MicroStrategy vs. Grayscale

權衡利弊：MicroStrategy 與 Grayscale

The choice between MicroStrategy and the Grayscale Bitcoin ETF (GBTC) depends on individual investment strategies and risk tolerance. GBTC tracks Bitcoin's price accurately but may not appeal to investors who already hold Bitcoin as it offers indirect exposure.

MicroStrategy 和灰階比特幣 ETF (GBTC) 之間的選擇取決於個人投資策略和風險承受能力。 GBTC 準確追蹤比特幣的價格，但可能不會吸引已經持有比特幣的投資者，因為它提供了間接敞口。

MicroStrategy, on the other hand, stands out for its unwavering commitment to Bitcoin, holding a substantial reserve and benefiting from option premiums. However, its aggressive strategy has led to concerns about overvaluation and detractors argue that it may not be financially prudent to shift investments from GBTC to MicroStrategy.

另一方面，MicroStrategy 因其對比特幣堅定不移的承諾而脫穎而出，持有大量儲備並從選擇溢價中受益。然而，其激進的策略引發了對估值過高的擔憂，批評者認為將投資從 GBTC 轉移到 MicroStrategy 在財務上可能並不謹慎。

ETFs Gaining Momentum, Forcing Incumbents to Adapt

ETF 勢頭強勁，迫使現有企業做出調整

Experts agree that Bitcoin ETFs have disrupted the Bitcoin investment landscape, providing investors with a more convenient and cost-effective way to access the asset. As a result, incumbent proxies like MicroStrategy and Grayscale are facing pressure to rethink their business models and clarify their unique value propositions to remain competitive.

專家們一致認為，比特幣 ETF 顛覆了比特幣投資格局，為投資者提供了一種更便利且更具成本效益的方式來獲取該資產。因此，像 MicroStrategy 和 Grayscale 這樣的現有代理商面臨著重新思考其商業模式並闡明其獨特價值主張以保持競爭力的壓力。

Kevin Huffman of Kriminil Trading emphasizes the appeal of ETFs for inexperienced or small-scale investors who seek a lower-risk entry point into Bitcoin. He believes that MicroStrategy still offers leveraged exposure to Bitcoin, but the simplicity and low costs of ETFs make them a formidable competitor.

Kriminil Trading 的 Kevin Huffman 強調了 ETF 對於尋求較低風險的比特幣切入點的缺乏經驗或小規模投資者的吸引力。他認為 MicroStrategy 仍然提供比特幣槓桿敞口，但 ETF 的簡單性和低成本使其成為強大的競爭對手。

Markus Kraus of Trading Verstehen observes a shift towards direct Bitcoin investment through spot Bitcoin ETFs, diminishing the need for indirect exposure through MicroStrategy. However, he acknowledges that MicroStrategy's lack of management fees and separate software business still provide potential advantages.

Trading Verstehen 的 Markus Kraus 觀察到，人們透過現貨比特幣 ETF 轉向直接比特幣投資，從而減少了透過 MicroStrategy 進行間接投資的需求。不過，他承認MicroStrategy無需管理費和獨立的軟體業務仍然提供了潛在的優勢。

Jon Morgan of Venture Smarter highlights the distinction between ETFs, which hold Bitcoin directly, and MicroStrategy, which has leveraged its balance sheet to acquire Bitcoin for long-term holding. He emphasizes the importance of understanding these different asset structures.

Venture Smarter 的 Jon Morgan 強調了直接持有比特幣的 ETF 與利用其資產負債表收購比特幣以長期持有的 MicroStrategy 之間的區別。他強調了解這些不同資產結構的重要性。

Nitin Agarwal of FV Bank points out that different investor profiles have varying preferences, with some preferring the convenience of ETFs while others may seek more direct Bitcoin exposure. He believes that increased exposure through ETFs ultimately leads to greater awareness among investors, driving some to explore alternative investment options, including companies like MicroStrategy or direct Bitcoin ownership.

FV 銀行的 Nitin Agarwal 指出，不同的投資者有不同的偏好，有些人更喜歡 ETF 的便利性，而有些人可能會尋求更直接的比特幣投資。他認為，透過 ETF 增加創投最終會提高投資者的意識，促使一些人探索其他投資選擇，包括 MicroStrategy 等公司或直接擁有比特幣。

Conclusion: A Reshaped Investment Landscape

結論：重塑的投資格局

The advent of Bitcoin ETFs has transformed the Bitcoin investment ecosystem, offering investors greater convenience, regulatory assurance, and cost-effective options. While traditional proxies like MicroStrategy and Grayscale continue to play a role, their influence is diminishing as ETFs gain momentum. Incumbents must adapt their strategies and clearly articulate their value propositions to remain relevant in the face of this competitive challenge.

比特幣 ETF 的出現改變了比特幣投資生態系統，為投資者提供了更大的便利、監管保證和具有成本效益的選擇。雖然 MicroStrategy 和 Grayscale 等傳統代理商繼續發揮作用，但隨著 ETF 的發展勢頭，它們的影響力正在減弱。現有企業必須調整其策略並明確闡明其價值主張，以便在面對此競爭挑戰時保持相關性。